Kolkata-Based Snap-E Cabs, an electric vehicle (EV) ride-hailing platform, has successfully raised USD 2.5 million in a Pre-Series A funding round, with Inflection Point Ventures leading the investment. The funding marks a significant milestone for Snap-E Cabs, which intends to utilize the capital for talent acquisition, technological enhancements, and the introduction of innovative tech-driven services. Additionally, the company aims to extend its operational footprint into new territories.
Snap-E Cabs, a subsidiary of Steelman Telecom Limited’s EC Wheels India Private Limited, is headquartered in Kolkata and offers eco-friendly transportation solutions with zero emissions. Founded by Mayank Bindal, a Glasgow University graduate with a master’s in finance, and Jaydip Mukherjee, a seasoned leader with experience at prominent tech firms, including Oracle and IBM, Snap-E Cabs boasts a strong leadership team.
Rahul Wagh, Managing Director at Inflection Point Ventures, emphasized the global imperative to combat climate change, praising Snap-E Cabs’ contribution to decarbonizing transportation. He highlighted India’s conducive regulatory environment for electric mobility, citing government policies aimed at achieving 30% electrification of the country’s vehicle fleet by 2030.
Snap-E Cabs distinguishes itself through its hybrid B2B and B2C model, ensuring minimal downtime and efficient vehicle turnover. Key features include no cancellations, surge-free pricing, and a fleet comprised entirely of electric vehicles. Currently operating 600 EVs in Kolkata, Snap-E Cabs plans to augment its fleet by 300-400 vehicles by the end of FY 24 and expand into 2-3 additional cities by FY 25, with a target of deploying 1500-2000 EVs.
Mayank Bindal, CEO of Snap-E Cabs, underscored the transformative potential of India’s EV market, highlighting the country’s pivotal role in global sustainability efforts and its transition away from fossil fuels.
Snap-E Cabs stands as East India’s premier EV fleet operator, boasting the region’s largest charging infrastructure. The company has forged strategic partnerships, including a memorandum of understanding (MoU) with the Airport Authority of India (AAI) and agreements with the West Bengal government and Port Trust for EV ecosystem development. Additionally, Snap-E Cabs secured a five-year contract to manage EV charging and fleet operations at Howrah Railway Station, a key railway terminal in East India, signaling its commitment to sustainable transportation initiatives.
